The Short Answer
Two of these three are growing at roughly 80%. Palantir guided to $8.15B for 2026 at about 82% growth. Databricks reported a $7B+ run-rate growing over 80%.
The third is growing at 29%. Snowflake closed fiscal 2026 at $4.68B, up 29%.
So the two bigger companies are also the two faster ones — which is unusual, and explains most of what happened to these valuations during 2026.
This page compares reported financials. It is not investment advice, and nothing here is a recommendation to buy or sell anything. Figures are from company filings and releases, dated below.
The numbers, side by side
Fiscal years do not line up — Snowflake's fiscal 2026 ended 31 January 2026, Palantir's runs to December, and Databricks reports run-rate rather than fiscal revenue. The dates on each figure are therefore part of the figure.
| | Palantir | Databricks | Snowflake |
|---|
| Status | Public (PLTR) | Private | Public (SNOW) |
| Revenue | $8.15B guided FY2026 | $7B+ run-rate, Aug 2026 | $4.68B FY2026 actual |
| Growth | ~82% | >80% | 29% |
| Last valuation event | Public market | $190B, Aug 2026 round | Public market |
| $1M+ customers | 220 deals in Q2 alone | >1,000 | 733 |
| $10M+ customers | 73 deals in Q2 | >100 | Not disclosed |
Palantir: the growth is accelerating, which is the odd part
Companies this size normally decelerate. Palantir did the opposite through 2026:
- FY2025: $4.475B, up 56%
- Q1 2026: $1.63B, up 85%
- Q2 2026: $1.935B, up 93%
- Q3 2026 guidance: $2.160–2.164B
Full-year guidance was raised twice — $7.18–7.20B in February, $7.65–7.66B in May, then $8.150–8.158B on 3 August.
The engine is US commercial. That segment grew 109% across 2025 to $1.465B, then 149% in Q2 2026 to $764 million. Remaining deal value in US commercial reached $6.238B, up 124% — which is contracted future revenue, not pipeline.
The shape of the business is few, large contracts: 220 deals of $1M or more in Q2, of which 73 were $10M or more. That concentration is a strength while it compounds and a risk if a handful of renewals go badly.
Databricks: the only one you cannot buy
Databricks raised $5 billion at a $190 billion valuation in August 2026, led by Coatue with Blackstone, MGX and T. Rowe Price participating and Sixth Street Growth joining as a new investor.
Against a $7B+ run-rate, that round priced the company at roughly 27 times revenue. That is arithmetic on two disclosed figures, not an analyst estimate.
Two details carry more weight than the valuation. First, positive adjusted free cash flow over the trailing twelve months — a private company at 80% growth that is not burning is rare, and it removes the usual argument against the multiple. Second, the data warehousing line passed $1.5B run-rate growing over 100%, which is the segment that competes most directly with Snowflake. Growing a Snowflake-competitor at triple Snowflake's rate is the most pointed number on this page.
Lakebase, its serverless Postgres product, passed $100M run-rate. More than 20,000 organisations use the platform, with over 1,000 customers above $1M run-rate and more than 100 above $10M.
Snowflake: slower, but not the story the growth rate tells
Fiscal 2026, ended 31 January 2026: product revenue $4.472B and total revenue $4.684B, both up 29%. Q4 product revenue was $1.227B, up 30% — so the rate was stable, not falling.
Two figures complicate the simple reading:
- Net revenue retention of 125% — existing customers spent 25% more than a year earlier. That is a healthy consumption business, not a leaking one.
- Remaining performance obligations of $9.77B, up 42% — contracted future revenue growing considerably faster than reported revenue. RPO ahead of revenue growth usually precedes acceleration.
On AI specifically: over 9,100 accounts used Snowflake AI features in the measured period, and Snowflake Intelligence reached nearly 2,500 accounts within three months of launch. Adoption is real; what it contributes to revenue is not separately disclosed.
Snowflake stock lost roughly half its value during 2026 before a single quarter reversed much of it, which is the market repricing 29% growth in a cohort where the comparables are growing at 80%.
What the comparison actually shows
Revenue scale is close; growth is not. Palantir at a guided $8.15B and Databricks at $7B+ are within reach of each other, both near 80%. Snowflake at $4.68B is both smaller and growing at roughly a third of that rate.
They are not really the same business. Palantir sells large, bespoke deployments weighted toward government and large enterprise. Databricks and Snowflake sell consumption-based data platforms and compete directly — which is why Databricks' warehousing line growing above 100% matters more to Snowflake than Palantir's numbers do.
Customer concentration differs sharply. Databricks has more than 1,000 customers above $1M. Snowflake has 733. Palantir does not report that way, but 220 million-dollar deals in a single quarter against far higher revenue implies much larger average contracts.
One is private, and that changes what the valuation means. Databricks' $190B is a negotiated price between a company and a small group of investors at a point in time. A public market cap is a continuous auction. They are not the same kind of number, and comparing them directly is the most common error in this comparison.
FAQ
Which is the most valuable: Palantir, Snowflake or Databricks?
Databricks was valued at $190 billion in its August 2026 round. Palantir and Snowflake are publicly traded, so their valuations change continuously and any figure quoted here would be out of date within days. By revenue, Palantir guided to $8.15B for 2026, Databricks reported a $7B+ run-rate, and Snowflake closed fiscal 2026 at $4.68B.
Why is Snowflake growing so much slower?
Snowflake grew 29% in fiscal 2026 against roughly 80% at the other two. Its net revenue retention of 125% and remaining performance obligations up 42% both suggest the underlying business is healthier than the headline rate implies, but it is competing directly with Databricks, whose warehousing line is growing above 100%.
What is Databricks' revenue multiple?
Roughly 27 times, dividing the $190 billion August 2026 valuation by the $7 billion run-rate disclosed at the same time. Both figures are from the company, so the multiple is arithmetic rather than estimate — though a private round price is a negotiated number, not a market one.
Do Palantir and Databricks compete?
Not directly in most deals. Palantir sells large bespoke deployments weighted toward government and large enterprise; Databricks sells a consumption-based data and AI platform. Databricks and Snowflake are the pair that genuinely overlap.
Is Databricks going public?
It has not announced an IPO date. It raised privately in August 2026 and reported positive adjusted free cash flow over the trailing twelve months, which reduces the usual pressure to list for capital.
Sources, all checked 18 October 2026:
Databricks, 13 Aug 2026 ·
Snowflake FY2026 results ·
Palantir figures from its Q4 2025 and Q2 2026 earnings releases, filed 2 Feb and 3 Aug 2026.